Mileage Deduction

[Moot]

Greetings Frank:

I am the owner of a cargo van and have an appointment with my tax accountant this Saturday. I believe a new mileage deduction schedule went into effect this summer. June??

Could you please post some info concerning this change.

Should I calculate all business miles run under the former schedule and likewise all miles run under the new one?

Thank you.

 

[miker]

I dont know the exact date , or the rates but they did up the mileage deduction in June, my accountant had me give him the mileage separately before and after the new date.

 

[RLENT]

See this and all will be revealed:

Standard Mileage Rates

 

[Fkatz]

Standard mileage deduction for 2008

January 1, through June 30, 2008 $ .50 and 1/2 cent per mile

July 1, 2008- December 31, 2008 $ 58.5 per mile,

Franklin Katz, ATP,PA, CPB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934



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